New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-07-31
Mr.. HULINGS EMBARRASSED
INVESTING IN UNpRoDUcrIvE LAND.
HIS RAPID RISE TO GREAT WEALTH IN THE OIL
RECONCILIATION VENTURES IN
WESTERN MINES.
fBY TELEGRAPH TO THE TRrBUNE1

WESTERN MINES
fBr TELEGRAPH THE TRIBUNE
PITrsBURG, July 3O.-Marcus Hulings, the oil
operator is embarrassed, and the Sheriff OF Venango
County advertses Tor sale among other property the
Hulings homestead at Emlenton. Mr.. Hulings went
rapidly up the fight to fortune and the story OF his
life Is interesting II wss Ia 1876 that he went into
Mexican County, then lumber county, and secured
an interest In the Clark 81 Babcock tract of land.
This land well tmbered, aud regarded as
valuable principally on that account. little oil had
been found in Mexican County. or what Is better
known as the Bradford field, but oil scofed at
the idea OF finding il In paying quantities. The
sand was black, and black sand was useless as was
then believed. Mr. Hulngs bought 6.00O acres of
the Clerk Babcock tract, agreeing to pay $ZOOOO.
$4,000 of the amount in cash the balance In easy
payments. At that time Rulings ready for q
hard days work. bat had little ready money. Clark
& Babc. ok knew him To be of push and ener ~
and had faith In his ability TO handle tue 5000 acres
Mr. iungs probably calculated that he could get his
money ont OF the land in the mark and timber that was
it, II oil found, aud 1T 10 likely that he
could have doac 81.
But oil was found. He had the land only short
time when good we'll opened up not tar from
bin. lie had borrowed IS, 600 to make the first pay
ment The land made the rest OF the payments many
times over 1t likely that other real pur-
chase the oil regions yielded such enormous profits
~ did this investment ct Mr.. Hulngs. He cut the
5000 acres into leases and he could hardly cut 1t up
fast enough to meet the extraordinary demand made
upon him By oil operators lay In The very centre
OF the rich McKeao County basin and every foot OF
It was Walt able. He received large royalties and
bonuses, and in few months was the wealthiest
operator In the oil country. Fortune lavished her
bounties upon him extraordinary degree. and II
became problem with Mr.. HuIngs what to do with
his money He made large Investments in other
parts Of the oil fed and number OF them were
singuary fortunate. The Kinzua pool which he
bought and developed was one of his oil bonanzas and
Detted hun many thousands OF dollars.
Ii has never been known how much money Mr.
Hulngs made out of his Mexican County lands, but
the amount ran into millions. When the Bradford
field at is best 81 900 900 probably represented
his wealth. ell made say IN SIX years or less. lie
had natural taste Tor mining and the great bonanza
fortunes of tue West attracted him. he went into
gold and silver mines with boldness that staggered
bis friends. lie made several trips into Ari
Nevada and New-Mexco, and made many heavy
Investments la mres. lie bought the famous
Tough Nut" mine In Arizona aud at one time 1t
promised TO be another Comstock. Mr.. hulings
bought the stock at low figure but II s supposed 10
have aggregated somewhere about s25O,OOO Some
developments rapidly increased the value OF the stock
and at time he could have sold his interest IN
the mine aud cleared quarter OF a milIioa. But
he didn't sell it. The stock then so in the
market. Mr. Hulines was urged 10 get out with his
profit. but he said:
. ri sell when the stock touches 49,"
Tne bottom Tell out ot the slough Nut abou,
this time. Mr.. Hulugs hel on with commendable
pluck and probably lost nearly everything he put into
It. This was the begiunng oil lila roVerses.
He purchased aud improved large farm in Craw-
ford County. near Meslvile, which Is todsy the
wonder OF the county around. A large amount OF
mouey, not Iess Il 500. 0OU expended on this
farm. He built q handsome addition TO Allegheny
College called Hulings Hail. which he did not hnish
After spcn Eng large amount OF money on TINS hne
building Mr. ulings asked the trustees of tho college,
to take IL OH his hands and relieve him. He began TO
the necessity OF tightening bIs purse strings Tie
is firm believer In spir tuasm aud some attribute
Lis reyer.es TO thi. fanrasy but this IL likely.
He IL man OF broad and liberal ideas and an excel
lent citizen. lie s:ll has large amount OF property
aud 70 simply land poor several hue properties
that cost h m much money are unproductive at the
pscsent time aud not cf silly converted into cash.
= Mr.. Hungs will 10 douOt yet come cut on top
'vf the heap" lie lives in fine residence which he
built at Oil CITY, and has wife and largo tnmily.
Colonel W. j. Huings formerly member OF the
Legi,llturc, and now Colonel OF the 10th Regiment,
National iuard Pcnns vania. is the oldest son.
The sheiiAs sale sc journed from July to yes
terday, and was again adiouned until August %, By
which time, it is believed, Mr.. Hulings will have
arranged TO settle matters.